Core Insights - The Ministry of Commerce and four other departments have launched the "Urban Commercial Quality Improvement Action Plan" to enhance urban commercial systems, focusing on pedestrian streets and commercial districts to better meet residents' daily shopping and leisure needs [1][2] Group 1: Urban Commercial System Development - The action plan aims to create a well-structured urban commercial system that includes national demonstration pedestrian streets, characteristic commercial districts, and convenient living circles [1] - The plan outlines 21 key tasks across seven areas, including network layout improvement, business model upgrades, and supply enhancement [1][3] Group 2: Economic Impact and Employment - In 2024, national demonstration pedestrian streets and commercial districts are expected to achieve over 4 trillion visits and generate over 500 billion in revenue, creating over 800,000 jobs [1] - The initiative is designed to support local consumption, expand domestic demand, and stabilize employment [1] Group 3: Integration of Culture and Tourism - The integration of culture, tourism, and commerce is increasingly prevalent, leading to the development of new business models and immersive experiences [2] - The Ministry of Culture and Tourism plans to promote collaboration between tourist attractions and urban commercial facilities to create regionally distinctive cultural tourism products [2] Group 4: Land Use Optimization - The plan includes optimizing urban commercial facility supply through monitoring data from 297 cities, which will support local planning and commercial land regulation [3] - Pilot projects for redeveloping inefficient land use are being initiated, allowing cities to optimize existing commercial land and support its transformation [3]

10月29日，商务部等五部门发布了《城市商业提质行动方案》(下称《方案》)，从完善城市商业布局体 系、推动城市商业业态升级、丰富优质商品服务供给、强化城市商业运行保障、优化城市商业空间利 用、完善城市商业发展规划、健全城市商业管理体制等方面提出21项主要任务，提升商品和服务消费， 充分发挥城市在国内国际双循环中的枢纽作用。 《方案》提出，完善网络布局，推动步行街(商圈)设施改造和业态升级，创新发展特色商业街区，扩围 升级一刻钟便民生活圈；同时，要面向不同层级领域消费需求，培育品质业态、布局专业业态、加强保 障业态，促进线下线上融合发展。 "随着经济社会的快速发展，消费者需求变得更加多元化、个性化、品质化，我们持续创新业态、丰富 供给、改善服务。"商务部流通发展司一级巡视员张祥指出，本次《方案》强调将商业发展与人民美好 生活需要相融合。例如，面向传统历史、特色文化、潮玩文娱等功能需求，《方案》提出要发展特色商 业街区，打造承载历史记忆、独具地域特色、新兴业态集聚的消费场景。 近年来，部分地方出现商业营业用房空置现象，造成资源浪费。《方案》明确提出要优化城市商业设施 供给，对主要商圈、步行街、商业综合体坪效及出租 ...

新华社记者谢希瑶 新华社北京10月29日电 题：让城市商业更有温度！5部门发文实施城市商业提质行动 针对部分地方出现商业营业用房空置现象、造成资源浪费，方案提出要优化城市商业设施供给。 自然资源部国土空间规划局副局长李亮说，已部署在城市国土空间监测工作中，在全国297个地级 及以上城市的城区监测范围内，采集零售商业场所等的空间位置、占地范围、建筑面积、建设状态、商 业属性等内容，形成监测数据，为地方开展规划正向优化、商业用地调控等提供数据支撑。 城市，"城"因"市"而生、"市"因"城"而兴。商务部等5部门印发的《城市商业提质行动方案》10月 29日对外发布。商务部当天举行专题新闻发布会解读方案有关内容。 "城市商业是现代商贸流通体系的重要组成部分，是大力提振消费，扩大国内需求的重要载体，是 稳定就业、保障民生、繁荣市场的重要抓手。"商务部流通发展司一级巡视员张祥说，方案明确了七个 方面21条主要任务。 完善网络布局。推动步行街（商圈）设施改造和业态升级，创新发展特色商业街区，扩围升级一刻 钟便民生活圈。 推动业态升级。面向不同层级领域消费需求，培育品质业态、布局专业业态、加强保障业态，促进 线下线上融合发展。 ...

Core Viewpoint - The Ministry of Commerce, along with four other departments, has issued the "Urban Commercial Quality Improvement Action Plan," aiming to enhance urban commercial systems to stimulate economic growth and meet diverse consumer needs [1][2]. Group 1: Key Tasks and Objectives - The plan outlines seven key areas with 21 main tasks, including improving network layout, upgrading business formats, enriching quality supply, and optimizing space utilization [2]. - Specific tasks include promoting the renovation of pedestrian streets, fostering the integration of online and offline businesses, and enhancing the supply of diverse goods [2][3]. - The plan emphasizes the importance of integrating commercial activities with tourism and culture to create new business opportunities [2][3]. Group 2: Financial and Policy Support - The plan calls for strengthened financial support, including the use of central government funds to assist urban commercial enterprises in upgrading their operations and facilities [1][2]. - It encourages the issuance of Real Estate Investment Trusts (REITs) for qualifying commercial real estate projects to provide long-term financing support [1]. - The plan also highlights the need for tax incentives for small and micro enterprises to promote compliance and innovation [1][2]. Group 3: Urban Development and Resource Management - The plan aims to optimize urban commercial facility supply and address high vacancy rates in commercial properties through policy measures and land use adjustments [3]. - It includes initiatives for revitalizing underutilized commercial land and promoting mixed-use developments [3]. - The Ministry of Natural Resources is actively researching policies to support the transformation of low-efficiency commercial land [3].

Investment Rating - The report maintains a positive outlook on the e-commerce sector, suggesting a "Buy" rating for companies focusing on core businesses and investing in AI and instant retail [4][6]. Core Insights - The retail sector showed a steady growth with a 4.6% year-on-year increase in retail sales from January to August 2025, totaling 32.39 trillion yuan [3]. - Online retail sales reached 10 trillion yuan, growing by 9.6%, indicating a strong shift towards e-commerce [3]. - The report highlights the performance of major players: Alibaba's revenue is expected to reach 252.8 billion yuan with a 6.9% increase, while JD's revenue is projected at 288.4 billion yuan, up 10.8% [6]. Summary by Sections E-commerce Sector - Alibaba is expanding its instant retail business, with a projected revenue of 252.8 billion yuan for Q3 2025, a 6.9% increase, but a significant drop in net profit by 65% [4][6]. - JD is expected to maintain double-digit revenue growth, with Q3 revenue forecasted at 288.4 billion yuan, a 10.8% increase, although net profit is anticipated to decline by 75% [4][6]. - Meituan's revenue is expected to grow by 2.3% to 95.7 billion yuan, but it will face a substantial net loss of 119 billion yuan [4][6]. - Pinduoduo's revenue is projected to decrease by 1.6% to 97.8 billion yuan, with a 14% drop in net profit [4][6]. Jewelry Sector - The jewelry sector is experiencing growth, with a 11.7% increase in retail sales from January to August 2025 [4]. - Notable brands like Laopuhuangjin are expected to outperform the market due to strategic expansions [4]. Retail Business - Xiaoshangpin City is expected to see a revenue increase of 39% in Q3 2025, with net profit doubling [4]. - Miniso is focusing on large store strategies, projecting a 26% revenue increase to 5.7 billion yuan [4]. Investment Recommendations - The report suggests focusing on companies with high earnings certainty and those investing in AI and instant retail, such as Alibaba, JD, Meituan, and Pinduoduo [4]. - It also highlights premium jewelry brands and digital trade service providers as potential investment opportunities [4].

Investment Rating - The report maintains a positive outlook on the commercial retail industry, indicating an "Overweight" rating for the sector [5]. Core Insights - The overall retail sales in China from January to August 2025 grew by 4.6%, with online retail sales increasing by 9.6%, indicating a strong growth trend in e-commerce [5]. - Major e-commerce platforms like Alibaba and JD are focusing on integrating AI and instant retail to enhance their business models, with expected revenue growth for JD at 10.8% and Alibaba at 6.9% for Q3 2025 [5][7]. - The jewelry sector is experiencing significant growth, with a 11.7% increase in retail sales for gold and silver jewelry from January to August 2025, driven by rising gold prices and consumer demand for high-end products [5]. Summary by Sections E-commerce Sector - Alibaba is expected to report Q3 2025 revenue of 252.8 billion yuan, a 6.9% year-on-year increase, but with a significant drop in net profit [7]. - JD's Q3 2025 revenue is projected to reach 288.4 billion yuan, reflecting a 10.8% increase, while net profit is expected to decline by 75% [7]. - Meituan's revenue is anticipated to grow by 2.3% to 95.7 billion yuan, but it will face a substantial net loss [5][7]. Jewelry Sector - The jewelry retail sector is seeing a robust recovery, with brands like Laopuhuang and Caibai expected to outperform the market due to their strong product offerings and market strategies [5]. - Laopuhuang is projected to achieve significant revenue growth, while other brands like Zhou Daxing and Laofengxiang are also expected to see varying degrees of growth [5]. Retail Commercial Sector - Companies like Miniso and Chongqing Department Store are expected to report strong revenue growth, with Miniso's revenue forecasted to increase by 26% [5][6]. - The retail sector is advised to focus on companies with high performance certainty as consumer demand is expected to rise during the year-end and Spring Festival [5].

2025.07. 26 本文字数：2886，阅读时长大约5分钟 作者 | 第一财经 郑娜 《2024中国青年消费趋势报告》正揭示了这样的一种新变化：近三成受访年轻人会因为"情绪价值疗愈身心"而进行消费。这背后是一场深刻的消费转 型。 长于在各大城市打造地标性高端商业项目的恒隆地产，对此也有深刻的体会。恒隆地产第三代"掌门人"、董事长陈文博在2025年中期业绩报告中就提 及，受到经济形势等多方面影响，当前国人的消费方式有别于以往。消费模式正在转变，并形成了一种同时注重情绪价值和经济价值的"新消费"模式。 这一新趋势也让过去业内对高端、次高端的分类不再适应当下的行业形势，消费趋势正在模糊传统分类。 在恒隆地产CEO卢韦柏看来，中国消费市场已进入一个新阶段，高端与否不再是唯一标准，更重要的是品牌是否具有内容力、话题性和消费者认同，是 否能提供情绪价值，"一个设计出色的玻璃杯、一家适合打卡的面包店，都可能成为吸引客流的亮点。" 消费者在几年前或许无法想象，能在一个奢侈品牌云集的高端商场里看到售价百元上下的搪胶挂件或者毛绒玩具……如今，泡泡玛特、Jellycat都成了重 奢商场的"座上宾"。 是什么发生了变化？正在快速 ...

Core Viewpoint - The Beijing Friendship Store has officially reopened with a new look on the occasion of Wangfujing Group's 70th anniversary, highlighting the importance of its upgrade and transformation under the "one store, one strategy" approach of the group [1] Group 1: Store Transformation - The upgraded Friendship Store retains its original architectural style and historical elements while incorporating modern design and business concepts [1] - The store creates a unique sense of time, allowing visitors to experience historical warmth in a contemporary setting [1] Group 2: Business Model and Offerings - The Friendship Store features a diverse range of business formats, including dining, leisure, new lifestyle options, trendy culture, and health and beauty [1] - It boasts a lineup of 100% flagship and customized stores, aiming to build an immersive "urban free lifestyle circle" [1] Group 3: Market Impact - Since its trial operation began in May 2025, the Friendship Store has generated significant buzz on social media, becoming a popular destination for influencers and trendsetters [1] - The store offers a full-time operational lifestyle scene, catering to various activities from morning coffee to cultural experiences and social gatherings [1]

深圳商报·读创客户端首席记者 刘琼 此次发布的19家国际友好消费商圈包括深圳万象城、K11 ECOAST海滨文化艺术区、前海壹方城等。各标杆商圈以"外语服务、多语种指引、国际支付覆 盖、离境退税便捷"为核心，为境内外游客提供高品质国际化服务，助力深圳打造国际消费中心城市。 深圳，正以多样化的服务促进国际消费，为全球消费者提供高品质的国际化服务。近日，购在中国2025深圳之夏消费季——国际友好消费购正式启幕。活 动现场发布国际友好消费地图和国际友好消费商场名单。19家商圈脱颖而出，涵盖深圳前海、罗湖、南山、福田等核心区域，为深圳国际消费再添"新标 杆"。 今年以来，深圳地铁日均客运量、口岸通关旅客人数、机场客货吞吐量等频频刷新历史记录。境外来深人员尽享深圳消费便利：丝滑的国际支付体系、即 买即退的离境退税优惠，掀起跨境消费热潮，进一步激发深圳国际消费活力。 19家标杆商圈引领，国际友好消费地图发布 深圳推出的国际友好消费购以"深圳之夏，全球畅享"为主题，围绕"国际化、便利化、品质化"为核心，汇聚多重消费礼遇，为全球消费者打造独具深圳特 色的夏日消费狂欢。 国际友好消费地图覆盖范围更广。据深圳市零售商业行业协会介 ...

Group 1 - The newly opened extension of the Baida Sky Bridge connects Hangzhou's Guoda City Square and Wulin Yintai Department Store, enhancing the shopping experience for citizens by providing seamless access between the two major shopping venues [3] - The Baida Sky Bridge was preserved during the 2012 renovation of Yan'an Road, with future connectivity in mind, and has now realized the vision of interconnecting the Wulin shopping district [3] - The bridge not only improves accessibility but also activates the three-dimensional space of the shopping district, with new facilities like a 400-square-meter resting area attracting visitors [3] Group 2 - The Gongshu District has been focused on developing a three-dimensional traffic system in the Wulin shopping area, connecting major shopping centers through aerial, ground, and underground pathways [4] - The extension of the Baida Sky Bridge and the ongoing construction of the Henglong underground passage are just the beginning of expanding the transportation network in the Wulin shopping area [4] - The latest urban planning in Gongshu District aims to create a vibrant central business district by enhancing connectivity and establishing a multi-dimensional commercial system [4]